Shares of Kainos Medicine Inc., a clinical stage Korean biotech company, rallied on Monday after the company announced that it signed a memorandum of understanding with its Chinese partner Jiangsu Aidi Pharmaceutical for joint commercial development of Kainos Medicine’s AIDS therapy (KM-023) in global markets.

Kosdaq-listed Kainos Medicine shares gained 6.1 percent to close Monday at 4,260 won ($3.84).

Jiangsu Aidi has co-developed ACC007, a non-nucleoside reverse-transcriptase inhibitor (NNRTI), based the KM-023 technology from Kainos Medicine.

Jiangsu Aidi completed a Phase 3 trial of ACC007 in China and submitted a new drug application to China’s National Medical Products Administration (NMPA) in July. NMPA’s Center for Drug Evaluation (CDE) responsible for drug marketing authorization applications recently completed on-site inspections for its review of the drug.

The two companies agreed to set up a joint venture to sell KM-023 in global markets except Korea and China, which is pending trial results and regulatory approval.

By Pulse

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